DHMAX vs. DHPAX
DHMAX (Diamond Hill Small-Mid Cap Fund) and DHPAX (Diamond Hill Mid Cap Fund) are both Mid Cap Value Equities funds from Diamond Hill. Over the past 10 years, DHMAX returned 7.30%/yr vs 8.07%/yr for DHPAX. With a 0.98 correlation, they move nearly in lockstep. DHMAX charges 1.21%/yr vs 1.07%/yr for DHPAX.
Performance
DHMAX vs. DHPAX - Performance Comparison
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Returns By Period
In the year-to-date period, DHMAX achieves a 1.96% return, which is significantly higher than DHPAX's 1.13% return. Over the past 10 years, DHMAX has underperformed DHPAX with an annualized return of 7.30%, while DHPAX has yielded a comparatively higher 8.07% annualized return.
DHMAX
- 1D
- -0.68%
- 1M
- 0.49%
- YTD
- 1.96%
- 6M
- 0.80%
- 1Y
- 10.51%
- 3Y*
- 9.16%
- 5Y*
- 4.28%
- 10Y*
- 7.30%
DHPAX
- 1D
- -0.49%
- 1M
- 0.37%
- YTD
- 1.13%
- 6M
- 0.04%
- 1Y
- 10.06%
- 3Y*
- 11.89%
- 5Y*
- 5.35%
- 10Y*
- 8.07%
DHMAX vs. DHPAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DHMAX Diamond Hill Small-Mid Cap Fund | 1.96% | 8.26% | 7.77% | 11.15% | -13.88% | 30.75% | 1.03% | 27.39% | -12.85% | 5.47% |
DHPAX Diamond Hill Mid Cap Fund | 1.13% | 12.95% | 10.48% | 9.19% | -13.67% | 30.87% | -2.01% | 25.38% | -10.58% | 10.13% |
Correlation
The correlation between DHMAX and DHPAX is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.98 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.98 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.98 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.99 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 2014 | 0.98 |
The correlation between DHMAX and DHPAX has been stable across timeframes, ranging from 0.97 to 0.99 - a consistent structural relationship.
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Return for Risk
DHMAX vs. DHPAX — Risk / Return Rank
DHMAX
DHPAX
DHMAX vs. DHPAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Diamond Hill Small-Mid Cap Fund (DHMAX) and Diamond Hill Mid Cap Fund (DHPAX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| DHMAX | DHPAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.05 | ||
| Sortino ratioReturn per unit of downside risk | -0.04 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.14 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.10 | 1.11 | -0.02 |
| Martin ratioReturn relative to average drawdown | 3.19 | 3.49 | -0.30 |
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Drawdowns
DHMAX vs. DHPAX - Drawdown Comparison
The maximum DHMAX drawdown since its inception was -57.04%, which is greater than DHPAX's maximum drawdown of -46.59%. Use the drawdown chart below to compare losses from any high point for DHMAX and DHPAX.
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Drawdown Indicators
| DHMAX | DHPAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -57.04% | -46.59% | -10.45% |
Max Drawdown (1Y)Largest decline over 1 year | -10.73% | -10.02% | -0.71% |
Max Drawdown (3Y)Largest decline over 3 years | -20.90% | -17.45% | -3.45% |
Max Drawdown (5Y)Largest decline over 5 years | -23.02% | -24.02% | +1.00% |
Max Drawdown (10Y)Largest decline over 10 years | -45.46% | -46.59% | +1.13% |
Current DrawdownCurrent decline from peak | -4.02% | -4.21% | +0.19% |
Average DrawdownAverage peak-to-trough decline | -7.38% | -5.85% | -1.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.68% | 3.19% | +0.49% |
Volatility
DHMAX vs. DHPAX - Volatility Comparison
Diamond Hill Small-Mid Cap Fund (DHMAX) has a higher volatility of 3.67% compared to Diamond Hill Mid Cap Fund (DHPAX) at 3.40%. This indicates that DHMAX's price experiences larger fluctuations and is considered to be riskier than DHPAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DHMAX | DHPAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.67% | 3.40% | +0.27% |
Volatility (6M)Calculated over the trailing 6-month period | 10.81% | 9.86% | +0.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.66% | 13.93% | +1.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.37% | 18.61% | +0.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.07% | 20.82% | +0.25% |
DHMAX vs. DHPAX - Expense Ratio Comparison
DHMAX has a 1.21% expense ratio, which is higher than DHPAX's 1.07% expense ratio.
Dividends
DHMAX vs. DHPAX - Dividend Comparison
DHMAX's dividend yield for the trailing twelve months is around 6.02%, less than DHPAX's 17.87% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DHMAX Diamond Hill Small-Mid Cap Fund | 6.02% | 6.14% | 7.75% | 1.00% | 5.01% | 5.55% | 0.49% | 4.81% | 4.51% | 0.45% | 1.74% | 1.20% |
DHPAX Diamond Hill Mid Cap Fund | 17.88% | 18.08% | 8.84% | 2.20% | 4.96% | 0.30% | 0.53% | 1.79% | 2.84% | 1.49% | 0.63% | 0.35% |
Frequently Asked Questions
With a correlation of 0.98, DHMAX and DHPAX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
DHMAX has higher volatility (3.67%) compared to DHPAX (3.40%). In terms of maximum drawdown, DHMAX dropped -57.04% vs DHPAX's -46.59%.
DHPAX currently has the higher Sharpe Ratio (0.80 vs 0.75), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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